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Crypto CEO Accidentally Describes Ponzi Scheme

Coffeezilla · 3.3M views · 2022-04-26 · 8:09

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Overview

Coffeezilla reacts to Sam Bankman-Fried's explanation of yield farming on the Odd Lots podcast, arguing he effectively described a Ponzi scheme. The video was made well before FTX collapsed.

On Hacker News

After the FTX collapse, commenters cited it as an early red flag, though others disliked the YouTuber's style.

Recommended by 1 HN people across 1 months · HN mentions 2022–2023

Topics

CryptographyInvesting & personal financeMedia, journalism & propaganda
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sam bankman-friedftxponzi schemeyield farmingcoffeezilla

What people said

dmix · 2022-11 · Strong recommendation

The best video I've seen is SBF basically admitting it was a ponzi scheme: [VIDEO] Selling something with no value other than the attention it gets on Twitter and the reputation it gets via reputable investors. What gets 'reputable investors' to invest in the scheme is the most interesting part of this story, if you at all care about stopping it. Something that has existed long before crypto.

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olalonde · 2023-11 · Reference

Maybe not the mainstream media but I feel like a lot people, especially in the Bitcoin community, were suspicious of him. He just screamed grifter to me. I never really bought his arbitrage story either and wouldn't be surprised if that was not his first scam. Here's an interview he gave a few months before the FTX collapse: [VIDEO]

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TheLoafOfBread · 2022-12 · Reference

I did not know about him before this blow up, but looking into his history, he actually pointed that SBF and FTX is doing Ponzi scheme 7 months ago. [VIDEO]

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Sources

Video by Coffeezilla, played through YouTube.

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